Global Fiber Optics Market to Grow 9.4% through 2022

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Time: 2018-03-06

Fiber optics is slowly gaining in the field of optics according to the recent report "The Fiber Optics Market: Glass, Plastic and Alternatives" from ReportLinker. Growing technological advancements in the field of material science has encouraged manufacturers to create fiber optics for the various industries such as healthcare, automotive and others.

The telecom market is expected to grow from over $1.0 billion in 2017 to $1.6 billion in 2022 at a CAGR of 8.6% 2017-2022.

The telecommunications industry is experiencing unexpected exponential growth and, along with that, the demand for high bandwidth is insatiable among consumers. Along with an increase in the number of telecommunication subscribers, time spent online by existing customers is also rising tremendously. High bandwidth is important for applications such as video calling, online gaming and downloading of files; due to the increase in the number of internet users, there is a greater demand for high bandwidth and higher speed in those associated devices and their applications.

Summary and highlights

Fiber optics is slowly gaining in the field of optics. Growing technological advancements in the field of material science has encouraged manufacturers to create fiber optics for various industries such as healthcare, automotive and others.

Healthcare: The healthcare market of global fiber optics market is expected to grow from $301 million in 2017 to $507 million in 2022 at a CAGR of 11.0% for the period 2017-2022.

Telecommunications: The telecommunications industry is experiencing unexpected exponential growth and, along with that, the demand for high bandwidth is insatiable among consumers. Along with an increase in the number of telecommunication subscribers, time spent online by existing customers is also rising tremendously. High bandwidth is important for applications such as video calling, online gaming, and downloading of files; due to the increase in the number of internet users, there is a greater demand for high bandwidth and higher speed in the associated devices and their applications.

Material: Silica is the most widely used raw material in the fiber optics market. The global fiber optics market study will be segmented by material type into: silica, fluoride glass, phosphate glass, chalcogenide glass, and acrylic. In terms of application, the market is segmented into telecom; manufacturing; surveillance and security; healthcare; banking, financial services and insurance (BFSI); and others.

Other factors: Factors such as increased demand for bandwidth and rising demand for transmission speed and data volume in data centers are primarily driving the market for fiber optic sensors. In addition, increasing application of these sensors in several application areas of the health care sector—areas such as surgical instrumentation, diagnostic devices and therapeutic treatment—is also playing a significant role in the growth of the global fiber optic market during the forecast period.